Prepare the journal entries for all the part $1$ transactions

Create $\mathrm{????}$ accounts for all accounts and add the part $1$ transactions

Part $1$ Transactions:

January $1-$ Phin invested $$18,500$ of his own money in the business in exchange for

owner's equity in the business.

January $1-$ Phin rented an office space for his business and paid $$5,850$ in advance

for $6$ months of rent.

January $2-$ Phin purchased $$3,785$ worth of office furniture for the office space. The furniture was purchased on account.

January $2-$Phin purchased advertising on various local websites for the month. The advertising cost $$400$ and was paid for in cash. $($Use Misc. Expense$)$

January $3-$ Phin purchased a new Microsoft Surface computer for the office. The computer cost $$2,179$ and was paid for with cash.

January $5-$Phin purchased office supplies to use in the new office space. The supplies cost $$452$ and were purchased on account.

January $8-$ Phin received $$1,175$ in advance for services to be completed by the end

of the month.

January $13-$ Phin received $$350$ from a client for services provided.

January $15-$ Phin hired his niece, Philomena, as an assistant to help him part time in

the office. Phin agreed to pay her $$20$ per hour. Philomena worked $15$ hours per week

for the first two weeks of January. Phin paid her wages in cash. $($Don$\text{'}$t worry about

taxes, social security, etc.$)$

January $17-$ Phin paid all the open accounts payable balances $($for the office furniture

and the supplies$).$

January $20-$ Phin received $$1,200$ for services provided to clients.

January $26-$ Phin received and paid the internet and phone bill for January in the

amount of $$306.$

January $28-$Phin received and paid the utility bill for January in the amount of $$289.$

January $29-$ Phin completed the work for the client who had paid in advance on

January $8.$

January $30-$ Phin received $$1,885$ for services provided to clients for the second half

of January.

January $31-$ Accruals that need entries for the month of January:

Philomena is owed for another two weeks of work $(15$ hours each week$)$ during the

second half of January.

Depreciation of $$124$ on the computer and the furniture needs to be recorded for

the month of January.

Unbilled services for the month of January total $$1,990.$

One month of prepaid rent expired.

Supplies on hand at the end of the month total $$223.$

Depreciation expense

Fees earned

Insurance expense

Misc. expense

Office equipment and furniture

Petty cash

Phineas Phillips, Capital

Phineas Phillips, Drawing

Postage and shipping expense

Prepaid insurance

Prepaid rent

Rent expense

Sales

Sales tax payable

Supplies

Supplies expense

Unearned revenue

Utilities expense

Wages expense

Wages payable